Property adviser Eastdil to cut staff amid pandemic: sources

[NEW YORK] Eastdil Secured, the commercial real estate firm whose ownership changed last year as part of a management buyout, is cutting jobs amid the coronavirus pandemic, according to people with knowledge of the matter.

The New York-based firm began notifying staff about layoffs this week, said the people, who asked not to be identified because the moves are private. Eastdil is set to reduce global headcount by about 35 people, or roughly 7 per cent of its workforce, one of the people said.

A representative for the firm declined to comment.

Eastdil was owned by Wells Fargo & Co before the buyout with the help of Singapore's Temasek and institutional clients of Guggenheim Investments. It provides strategic advice for transactions including capital raising and asset sales.

The firm, led by chief executive officer (CEO) Roy March, has offices throughout the US as well as in London, Frankfurt, Hong Kong, Tokyo and Dubai, according to its website. Last year, it advised on the sale of Colony Capital's warehouse unit to Blackstone Group.

Other real estate firms have sought to reduce expenses during the pandemic. Newmark Group said chairman Howard Lutnick and CEO Barry Gosin would reduce their annual salaries by 50 per cent, while others in senior management took pay cuts of 15 per cent.

BLOOMBERG